2025 Tax Time Checklist for Individuals in Australia

Introduction

As the 2024–25 financial year draws to a close, it’s time to get your tax documents in order. Whether you’re a first-time lodger or a seasoned taxpayer, staying organised can help you avoid ATO penalties, maximise your refund, and reduce stress. This complete tax time checklist outlines everything Australian individuals need to prepare for the 2025 tax season.

What You Need to Declare
Before you lodge, make sure you gather and report all your sources of income:

1. Employment Income

• PAYG payment summaries or Income Statements (via MyGov)

• Bonuses, commissions, allowances

2. Investment Income

• Bank interest statements

• Dividends from shares (including franked amounts)

• Rental income and expenses

• Cryptocurrency gains/losses

3. Government Payments

• Centrelink or JobSeeker payments

• Family Tax Benefit

• Paid parental leave

4. Other Income

• Sole trader or gig economy income

• Foreign income (including overseas pensions)

• Capital gains (property, shares, crypto)

Deductions You Can Claim

Maximising your deductions is key to lowering your tax bill. Common deductible expenses include:

1. Work-Related Expenses

• Work-from-home deductions (electricity, internet, depreciation)

• Uniforms, tools, and equipment

• Travel and car expenses (if job-related)

2. Self-Education Expenses

• Course fees, textbooks, stationary

• Internet and device usage for study

• Note: the course must directly relate to your current job

3. Donations

• Donations of $2 or more to registered charities (must have receipts)

4. Investment Expenses

• Financial adviser fees

• Management fees and interest on investment loans

5. Tax Agent Fees

• The fee you paid for last year’s return is claimable this year

What’s New in 2025

• Revised work-from-home deduction methods (fixed rate now 67¢/hour with strict logbook requirements)

• ATO focus on rental deductions and capital gains accuracy

• Digital recordkeeping is essential — no more guessing or rounding

Tax Time Checklist

✅ MyGov login and linked ATO account
✅ Income Statement (via employer or MyGov)
✅ Receipts and logs for work-related deductions
✅ Bank and investment statements
✅ Health insurance and private cover details
✅ Records of cryptocurrency trades or disposals
✅ Superannuation contribution details (if making personal contributions)
✅ Last year’s Notice of Assessment
✅ Tax file number and identification

Lodging Options

• MyTax via MyGov: suitable for simple tax returns

• Registered Tax Agent (recommended if you have deductions, investments, or business activity)

Important Dates

• 1 July 2025: Tax season opens

• 31 October 2025: Deadline to lodge (if self-lodging)

• Later if using a registered tax agent (but you must be registered by Oct 31)

Need Help This Tax Season?
At OneTax Accountants, we make tax season stress-free. Whether you’re lodging a basic return or managing multiple income streams, our team will help you maximise your refund and ensure you’re fully compliant.

Ready to lodge? Book your 2025 tax return consultation today.